STATE OF BUSINESS: In the Hammock

Like a vacationer stretched out in a hammock, the economy took its ease while the experts debated the future. Is it suffering merely from a seasonal lack of energy, or from a torpor that will last beyond the dog days of summer? Said New York's Guaranty Trust Co.: "The widespread expectation of an upturn in business this autumn is in some measure the product of hope rather than of tangible signs of rising activity." Guaranty's reasons: "Consumer caution" and a lack of "buoyancy in business operations." The Federal Reserve Bank of Chicago also reported "less than vigorous" showings...

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